Consolidated Statements of Cash Flows $ in Thousands |
12 Months Ended |
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
| Operating activities |
|
|
|
| Net income |
$ 89,846
|
$ 83,194
|
$ 20,275
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation |
21,699
|
20,234
|
14,051
|
| Amortization |
26,026
|
38,067
|
15,437
|
| Provision for doubtful accounts |
3,759
|
2,539
|
2,589
|
| Stock-based compensation |
5,136
|
26,622
|
7,562
|
| Deferred income taxes |
(14,130)
|
(10)
|
(5,208)
|
| Amortization of deferred financing costs and debt discount |
1,754
|
2,041
|
5,561
|
| Write-off of deferred financing charges |
2,302
|
|
|
| Excess tax benefit upon exercise of stock options |
(282)
|
(2,857)
|
(2,722)
|
| Gains on remeasurement of contingent consideration |
|
(2,469)
|
(16,314)
|
| Asset impairment charge |
21,003
|
1,593
|
6,915
|
| Equity in net loss of investee |
10,287
|
10,970
|
|
| Gain on sale of business |
(167,895)
|
(123,129)
|
|
| Deferred income taxes and income taxes payable on gain on sale of business |
58,492
|
22,797
|
|
| Other non-cash charges (credits) |
(1,323)
|
(419)
|
3,088
|
| Changes in operating assets and liabilities, net of effects of acquisitions: |
|
|
|
| Accounts receivable |
(19,332)
|
(86,627)
|
(17,208)
|
| Prepaid expenses and other |
(4,058)
|
14,654
|
(7,361)
|
| Reinsurance liability reserve |
(4,110)
|
(611)
|
3,761
|
| Accounts payable and accrued expenses |
33,365
|
(21,900)
|
28,483
|
| Income taxes payable on gain of sale of business |
(30,153)
|
|
|
| Accrued transportation costs |
8,654
|
9,045
|
530
|
| Deferred revenue |
(4,019)
|
19,043
|
(3,454)
|
| Other long-term liabilities |
4,462
|
463
|
(790)
|
| Net cash provided by operating activities |
41,483
|
13,240
|
55,195
|
| Investing activities |
|
|
|
| Purchase of property and equipment |
(41,216)
|
(35,072)
|
(23,242)
|
| Proceeds from sale of property |
1,039
|
|
|
| Net increase (decrease) in short-term investments |
239
|
(18)
|
(19)
|
| Acquisitions, net of cash acquired |
|
(3,433)
|
(416,986)
|
| Sale of business, net of cash sold |
371,580
|
199,943
|
|
| Equity investment |
(13,663)
|
(16,072)
|
|
| Restricted cash for reinsured claims losses |
5,926
|
(2,058)
|
(3,108)
|
| Net cash provided by (used in) investing activities |
323,905
|
143,290
|
(443,355)
|
| Financing activities |
|
|
|
| Proceeds from issuance of preferred stock, net of issuance costs |
|
80,667
|
|
| Preferred stock dividends |
(4,419)
|
(3,928)
|
|
| Repurchase of common stock, for treasury |
(70,378)
|
(36,838)
|
(524)
|
| Proceeds from common stock issued pursuant to stock option exercise |
4,108
|
4,894
|
11,019
|
| Excess tax benefit upon exercise of stock options |
282
|
2,857
|
2,722
|
| Proceeds from long-term debt |
52,500
|
34,000
|
501,200
|
| Repayment of long-term debt |
(357,450)
|
(305,125)
|
(48,625)
|
| Payment of contingent consideration |
|
(7,496)
|
|
| Debt financing costs |
(247)
|
(286)
|
(12,769)
|
| Capital lease payments and other |
(935)
|
|
73
|
| Net cash provided by (used in) financing activities |
(376,539)
|
(231,255)
|
453,096
|
| Effect of exchange rate changes on cash |
(1,357)
|
(911)
|
(3,525)
|
| Net change in cash |
(12,508)
|
(75,636)
|
61,411
|
| Cash at beginning of period |
84,770
|
160,406
|
98,995
|
| Cash at end of period |
72,262
|
84,770
|
160,406
|
| Cash included in current assets of discontinued operations held for sale |
|
5,014
|
25,148
|
| Cash paid for interest |
9,768
|
16,699
|
10,726
|
| Cash paid for income taxes |
55,827
|
21,555
|
18,389
|
| Accrued unfunded future equity investment capital contributions |
|
4,654
|
|
| Note receivable issued for sale of property |
3,130
|
|
|
| Purchase of equipment through capital lease obligation |
4,547
|
|
|
| PSC of Canada Exchange Corp. shares exchanged |
|
|
6,961
|
| PSC of Canada Exchange Corp. shares converted to treasury shares for fulfillment of obligation by sellersof WCG related to dispute with British Columbia |
|
|
1,521
|
| Purchase price |
|
|
525,596
|
| Cash acquired |
|
|
37,159
|
| Common stock issued for acquistions of business |
|
|
38,570
|
| Contingent consideration |
|
|
30,095
|
| Note payable to former shareholder |
|
|
600
|
| Working capital adjustments to purchase price |
|
(3,433)
|
|
| Acquisitions, net of cash acquired |
|
3,433
|
416,986
|
| Amount Due to Former Share Holder [Member] |
|
|
|
| Financing activities |
|
|
|
| Amount due to former shareholder |
|
|
$ 2,186
|